Walker & Dunlop structures $87Min financing for NJ housing portfolio

NEW JERSEY —Walker & Dunlop, Inc. has structured $87,429,870 in Fannie Mae financing on behalf of The PRC Group, a repeat client and mission-driven regional real estate owner and developer headquartered in Red Bank, NJ. The portfolio includes Brighton Arms Apartments, located in Neptune City, NJ, Grandville Towers, located in Red Bank, NJ, and Tree Haven Apartments, located in Matawan, NJ. The portfolio comprises 792 units in total, over 85 percent of which qualify as mission-driven, affordable housing under Federal Housing Finance Agency (FHFA) guidelines. Walker & Dunlop has arranged over $125 million in financing for The PRC Group throughout 2020. The three-property portfolio represented the borrower’s first agency execution. Capital Markets managing directors, John Banas and Kris Wood, as well as Analysts John Wilson and Rhett Saltiel, structured the financing to provide the borrower flexibility, with four years of interest-only payments and an attractive fixed rate for each of the 12-year loan’s terms. The team provided support to the client throughout the deal process, effectively advising the client in their first Fannie Mae transaction. “John Banas and his team are a class act,” said Stanley Koreyva, president and COO of The PRC Group. “They were on top of all the information we needed to supply, and their response time to us for any questions we had was outstanding. They are true experts in handling this type of transaction.”


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